Treasury Market Outlook: Treasuries are little changed to higher Treasury Market Outlook: Treasuries are little changed to higher, extending gains for a 4th straight session. Core European sovereigns and most Asian bonds outside of Japan are also in rally mode. The 10-year yield has dipped to 1.86% in light volume. U.S. equity futures have headed south in tandem with European bourse as Grexit fears flare up again. There wasn't much data of note overnight. Korean Q4 GDP growth was unrevised at 2.7%. Germany's Ifo beat forecasts, rising to 107.9, while French business confidence unexpectedly dipped to 99. Today's U.S. slate includes the $35 B 5-year sale, and the $13 B 2-year FRN reopening. Durable goods for March highlight the data calendar. The MBA reported mortgage applications surged 9.5% in the week ended March 20. Earlier the Fed's Evans said the U.S. economy is very strong, but reiterated concerns over raising rates too soon.

On The Fly: Morning Wrap-Up for March 25Globex S&P futures are recently up 2.50 from previous day’s SPX cash close. Nikkei 225 up 0.17%, DAX down 0.20%. WTI Crude oil is recently at 47.58, natural gas down 2.06%, gold at $1190 an ounce, copper down 0.53%.

Treasury Closing Summary: Treasury Closing Summary: A rash of global and domestic data on Tuesday kept the markets guessing on the proximity of Fed rate lift-off, but the 7.8% surge in new home sales appeared to rattle stocks in the end along with a bounce in the dollar and uptick in core CPI. Perversely, that kept a bid in bonds and saw yields retreat to lows by session end. The 2-year auction results came in relatively strong, given solid foreign demand for the short-dated paper, which commanded a nice yield premium compared with negative yielding European paper.